Thinking about your future may have gotten you uncertain over your finances, more importantly now that prices of goods, and almost everything, have constantly surged.
But you don’t have to worry, the Philippine Social Security System (SSS) provides you with accessible and safe savings and investment programs. The rebranded MySSS Pension Booster, formerly known as WISP and WISP Plus, is here to help you.
Get to know what MySSS Pension Booster (WISP) is all about, who are eligible to join, the process of enrolling, and what you can gain from it.
What is SSS WISP?
Launched in January 2021, the Workers’ Investment and Savings Program (WISP) is part of the amendment of Republic Act 11199 or SS Law last 2018. SSS WISP serves as a mandatory provident fund scheme that acts as another savings for contributing members of SSS whose Monthly Salary Credit (MSC) exceeds PHP 20,000.
What is SSS WISP Plus?
SSS WISP Plus was launched in December 2022. Unlike SSS WISP, SSS WISP Plus is a voluntary retirement savings program solely for SSS members on top of their regular social security program.
Regardless of membership type, declared monthly earnings, and last posted monthly Salary Credit (MSC), SSS WISP Plus is open to all SSS members.
SSS WISP vs MySSS Pension Booster
In June 2024, SSS rebranded SSS WISP and SSS WISP Plus into MySSS Pension Booster. Although MySSS Pension Booster caters to all SSS members, it is recalibrated to target mid- to high-income earners like maritime professionals, Overseas Filipino Workers (OFWs), corporate executives, and more.
MySSS Pension Booster has two types: mandatory and voluntary. WISP becomes the Mandatory MySSS Pension Booster while WISP Plus becomes the Voluntary MySSS Pension Booster.
Who can save and invest in MySSS Pension Booster (SSS WISP and SSS WISP Plus)?
If you’re a Filipino employee working in private companies, whether on a regular, contractual, or casual status, you are required to be registered in SSS. Now, if your MSC exceeds PHP 20,000, you will automatically be part of the SSS WISP program (now called Mandatory MySSS Pension Booster).
For SSS WISP Plus, or Voluntary MySSS Pension Booster, it is required to have one posted contribution and no filed final benefit claim. The minimum contribution is PHP 500 per payment.
How to process saving and investing in Voluntary MySSS Pension Booster (SSS WISP Plus)?
- If you already have an SSS account, just access it on the portal.
- After that, look for the Services section and click Enroll to WISP Plus or MySSS Pension Booster.
- Read and accept Terms and Conditions.
- You will receive a notification of your successful registration in the WISP Plus Program.
What are the benefits of MySSS Pension Booster (SSS WISP)?
SSS enumerates several gains from the WISP or MySSS Pension Booster, which are as follows:
- Affordable Savings Scheme. Members can contribute as little as PHP 500 per payment, with no maximum limit, subject to the policies of the SSS-accredited collecting partner.
- High Return on Investment. In 2023, the fund under the voluntary retirement savings scheme grew to PHP 386 million, delivering a return on investment (ROI) of 6.97%. For 2024, SSS targets an interest rate of 7.2%.
- Tax-Free Investment. All contributions and earnings under the MySSS Pension Booster are exempt from tax.
- Convenient Contribution Posting. Contributions can be made online via the SSS website, the SSS Mobile App, or the mobile apps of SSS-accredited Collection Partners using a Payment Reference Number (PRN). Members may also pay over the counter at SSS branches with tellering services or through Collection Partners’ offices locally or abroad.
- Flexible Payment Terms. Members can contribute at any time, based on their financial capacity. However, MySSS Pension Booster contributions must be paid alongside regular SSS contributions.
- Real-Time Access to Records. Members can conveniently monitor their contributions through their individual My.SSS accounts, with real-time posting of payments. Investment earnings will also be viewable in the My.SSS account soon.
- Tax-Free Payout of Total Accumulated Value. Members will receive the full accumulated amount — principal plus investment income — completely tax-free. This can be paid as a monthly pension, a lump sum, or a combination of both, and is provided on top of the member’s regular SSS benefits.
How to withdraw MySSS Pension Booster (SSS WISP)?
If you’re wondering if you can withdraw your MySSS Pension Booster (SSS WISP) contribution, the answer is yes. But only for the Voluntary MySSS Pension Booster (SSS WISP Plus).
You can withdraw in partial and full given that you meet these criteria:
- Have been a member of Voluntary MySSS Pension Booster (WISP Plus) for a minimum of one year.
- To make partial withdrawals, you need to keep these in mind:
- Your Accumulated Account Value (AAV) from the previous month will determine your withdrawal amount.
- You can only process one partial withdrawal a month.
- The remaining balance on your account must not be lower than PHP 500.
- If you are going to withdraw in the first year of your Voluntary MySSS Pension Booster (WISP Plus) membership, you are allowed to withdraw any sum under the following conditions:
- Critical illnesses of the member such as cancer, organ failure, heart-related or neuromuscular-related illnesses
- Involuntary termination of employment
- Repatriation from the host country (for OFWs)
- Other terms determined by SSS.
If you have completely withdrawn your AAV, you must register again to become a WISP Plus member, under the existing guidelines.
Voluntary MySSS Pension Booster (WISP Plus) Interest Rate
Earnings are adjusted according to the years to which you have been a member, which means that the longer you stay, the higher your interest becomes.
| Years of Membership in Voluntary MySSS Pension Booster (WISP Plus) | Earnings in % |
| 1 to 2 | 60% |
| 2 to 3 | 70% |
| 3 to 4 | 80% |
| 4 to 5 | 90% |
| 5 and more | 100% |
Mandatory MySSS Pension Booster (WISP) vs Voluntary MySSS Pension Booster (WISP Plus)
| Mandatory MySSS Pension Booster (WISP) | Voluntary MySSS Pension Booster (WISP Plus) | |
| Eligibility | Private sector employeesSelf-employed members OFWs Volunteers Note: A member must have an MSC exceeding PHP20,000 and should not have made any prior claims in the regular SSS program. | All SSS members |
| Registration | Automatic admission if you have an MSC exceeding PHP 20,000 Self-employed individuals, voluntary contributors, and OFWs can enroll by choice. | Via My.SSS |
| Contribution | Shared by an employer and an employee Self-employed, OFWs, and voluntary members pay their own WISP contributions | From PHP 500 and more |
| Payment | Monthly with regular SSS contributions | Anytime |
| Withdrawal | No | Yes |
| Benefits | Lump sum or pension | Withdrawal or lump sum |
In Summary
MySSS Pension Booster, both mandatory (WISP) and voluntary (WISP Plus) offer Filipinos a secure way to save and invest their hard-earned money. It is a good way to plan out for your retirement and get additional benefits, especially now that the cost of living continuously increases.
Boost Your Retirement Savings with SSS WISP or MySSS Pension Booster.
Planning for retirement is crucial, and with the SSS WISP or MySSS Pension Booster, you can increase your future pension while securing a more comfortable tomorrow.
DISCLAIMER:This article is developed by subject matter experts at Babylon2k. This is for general information only and does not constitute expert advice. It is based on current regulations and may not account for all related topics. Any tax or compliance guidance provided cannot be used to avoid penalties or promote specific actions. Laws and interpretations may change over time, which could affect the accuracy of this report. We are not obligated to update this advisory if new regulations arise.
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